In the extension of CFTC Letter 13-44, DCR states that it will not recommend that the CFTC take enforcement action against (1) Eurex Clearing for failing to register as a derivatives clearing organization (DCO) under Section 5b(a) of the Commodity Exchange Act (CEA), or (2) clearing members of Eurex Clearing that are U.S. persons (each, a U.S. Clearing Member) for failure to clear certain interest rate swaps (IRS) or certain credit default swaps (CDS) on a broad-based index of reference entities (Index CDS) through a registered or exempt DCO, pursuant to the requirements of Section 2(h)(1)(A) of the CEA and the implementing regulations thereunder as applicable, subject to certain conditions.

The extension of no-action relief will expire at the earlier of: (i) December 31, 2014, or (ii) the date upon which Eurex Clearing becomes registered as a DCO with respect to its IRS and Index CDS clearing businesses.